On Friday, we took a look at the stocks that traders on the Robinhood brokerage platform bought the most of in the last week.
Today, we’re taking a look at the sell list.
So, what are Robinhood traders buying and selling as we head into the new week? Here’s a look.
Even though aggregated Robinhood assets are relatively small, they have market moving potential– particularly in an environment where passive investing makes up 45% of all U.S. fund assets, and given Robinhood traders’ focus on smaller names.
First, these are the 25 biggest relative sells on Robinhood this week:
The stocks in the heatmap above are the ones that saw the biggest decrease in new positions relative to where they started the week. Bigger blocks mean that stocks are held by more Robinhood users.
One immediate takeaway is that most of the selling in widely-held names was modest.
But there were some deep red pockets of concentrated selling in the upper right corner…
One notable name was FirstEnergy (FE) - Get FirstEnergy Corp. Report, which saw its stock price tank last month after being entangled in a $60 million federal racketeering case that resulted in the arrest of the speaker of Ohio’s state legislature.
While many investors saw big red flags in FirstEnergy, the data shows Robinhood traders took it as an opportunity to buy a potential rebound:
FE holdings rocketed more than 1,000% on the stock price dip.
It looks like the unwind in positions over the past week was mostly profit taking.
Other notable sells from the last week include a 6% decrease in holdings of F5 Networks (FFIV) - Get F5, Inc. Report, a 3.6% drop in holdings of Noble Energy (NBL) - Get Noble Energy, Inc. Report, and a 3.6% reduction in holdings of Kohl’s (KSS) - Get Kohl's Corporation Report.
Postscript: Late last week, Robinhood announced that it'll shut down the API endpoint that allows users to pull data on stocks held by users of its platform. That's definitely disappointing, since I've been playing with the data for the last week or two. For now, the endpoint is still up.
I'll keep on grabbing the data as long as it's available.